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Buy-to-Let Mortgages

Purchasing a property to rent out

If you live in the UK and are looking to purchase a property to rent out, you will need to acquire a buy-to-let mortgage. This type of mortgage is ideal for those living in the UK who are looking for an investment, whether for capital appreciation, rental yield, or both.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

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What should I consider…

What should I consider when deciding to acquire a UK buy-to-let mortgage?

Purchasing a home, even as an investment, can be stressful, especially as there are several mortgage solutions. To match you to the most suitable product, you should consider what type of UK buy-to-let property you are buying.

You could also consider the following questions before your consultation: 

  • Is the purchase long-term or short-term? 
  • Is the property for capital appreciation or rental income?  
  • Are you looking to build a portfolio? 
  • Are you interested in an interest-only product or repayment?  
  • Is this purchase a personal purchase or as a Ltd company? 

A member of our team can help if you’re unsure about any of the above questions. During your consultation, they’ll discuss what matters to you most so they can tailor their searches, matching you to a mortgage that will suit your needs best.  

If you’re interested in a buy-to-let expat mortgage, visit our dedicated page here.  

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How can I get a low buy-to-let mortgage rate? 

As fees and interest rates tend to be much higher for buy-to-let properties, to put you in the best position to acquire a buy-to-let mortgage, you should try to have:

  • A traceable credit score
  • Proof of income streams
  • A deposit of at least 25% LTV (loan-to-value)
  • A UK bank account

We cover a list of acceptable deposit sources in our guide to buy-to-let mortgages, which includes using the equity in your home, personal loads and more.    

By working with a member of our friendly team, we will take into consideration your personal circumstances and what rental income you hope to receive to find you the best deal and rate. 

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What optional planning services do Fidelius offer?

When purchasing a home, you’ll need to consider protection, such as life and property insurance. During your mortgage application, your adviser will look at your needs and situation to offer you appropriate optional services, so you’re protected and insured for when you complete.

Life insurance

Our expert team will tailor your life insurance quotes to suit you, finding a policy that meets your needs now and for the future. We can even look at existing policies while your buy-to-let application is being processed to ensure you have a suitable life insurance cover. 

The two types of life insurance cover available, are: 

  • Life Insurance: A lump sum is paid out if you die while covered by the policy. 
  • Decreasing Life Insurance: A repayment mortgage, so the amount of cover reduces in line with the decrease of a repayment mortgage. 

Buildings and contents insurance

Property insurance can cover you in the event of damage caused by water, fire or extreme weather. Depending on your policy, it can also mean your possessions are covered if your home is damaged or possessions are stolen during a burglary. 

  • Buildings Insurance: Covers the structure of your home and any permanent fixtures, such as roof, bathroom suite and kitchen units.
  • Contents Insurance: Contents inside your home, such as carpets and curtains, electricals, clothes, and personal possessions are covered in case of burglary or damage by fire or water.
  • Landlord Insurance: Covers loss of rent, alternative accommodation, and public liability, as well as the structure of your property.

If you’re unsure which protection will suit you best, our advisers will be able to discuss this with you during your consultation.

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Process of acquiring a UK residential property

1. Speak with our advisers

Begin your journey by getting in touch with our expert mortgage team who will be able to answer any questions, discuss your options and provide possible next steps.

2. Get an agreement in principle

Our friendly advisers will apply for your Agreement in Principle (AIP), which is where our great relationship with lenders comes in. Your AIP is an indication that the lender will allow you to borrow the specified amount, based on the condition all submitted information is correct. Once you have this, you can begin property hunting and put an offer on the property you wish to purchase.

3. Assign us as your mortgage brokers & choose a conveyancer

Once your offer is accepted, we will support you with your mortgage application and liaise between the lender and you. The lender will now assess your application and arrange a valuation of your property.

4. Receive your mortgage offer

If your lender is happy, they will send both us and you an approved mortgage offer. Your chosen conveyancer will now complete any required legal work. You should look to speak with us at this stage about protection planning, and buildings and contents insurance, so it’s all in place at the point of exchange.

5. Exchange and completion

If you’re remortgaging, your conveyancer will confirm a date when the funds will be drawn. If you’re purchasing a property, when contracts have been exchanged, you are then legally tied to the purchase of the property. A date will be agreed upon for you to complete and collect the keys—congratulations is also in order. 

Why Fidelius Mortgages?  

Fidelius Mortgages are an independent, experienced, yet forward thinking Financial Services company, committed to providing the very best advice through our top-quality team. 

We remain on hand every step of the way, taking away the strain and worry that can come with buying or raising finance from a property. 

As we are independent, we can source you the best lender options for your circumstances, while offering optional services to ensure you’re covered.   

Fidelius Mortgages believe in establishing a lifelong commitment to our customers with a service that is cost effective, valuable, and able to deliver total peace of mind. From our support teams, right up to management, we pride ourselves on having the correct work ethos and culture needed to provide excellent customer experience.   

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How much can you borrow for a buy-to-let mortgage?

The amount you can borrow for buy-to-let UK mortgages depends entirely on the rent you’ll be planning to charge, and not on your salary. As each lender can have different ‘stress tests’, it’s important to get advice from our friendly team to ensure you’ve secured the right lender for your investment.   

Will I be charged tax on my buy-to-let property?

The income you receive as rent is treated as taxable income and if you sell your buy-to-let property for profit, you will usually pay capital gains tax on this. You’ll also need to pay stamp duty tax on properties and land over a certain amount in England and Northern Ireland.

Can you switch from a buy-to-let mortgage to a residential mortgage?

Yes, you can, but it may require you to remortgage with another lender who is happy to offer you a residential mortgage on the property. Some lenders will allow you to perform a ‘product transfer’, which is where you remortgage onto another of their products better suited to your needs.

8 tips for remortgaging your property

If you already have a mortgage, you will most likely hear about remortgaging when your current mortgage product is coming to an end. However, remortgaging can also be used as a way to help you save money, pay off existing debts, or fund an expensive purchase or project, like a home renovation.

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Our complete guide to buy-to-let mortgages

If you’re looking to invest in property, we know it can be difficult to know where to start. Our guide will break down everything there is to know about buy-to-let mortgages, including deposits and what costs to consider. 

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